Turkey has long been a major hotspot for Russian tourists. Last year, over 3 million tourists from Russia visited the country, making up about 15% of Turkey's foreign visitors.

So the absence of those tourists because of the rift between the two countries is a major hit to beach hotels.

"Abdurrahman Karamanlioglu, chairman of spa hotel Denizli Colossae Thermal, was quoted by [the Turkish newspaper] Today's Zaman as saying a number of hotels in resort towns were left on the brink of bankruptcy by the Russian boycott," the Moscow Times reported.